4 ways to boost e-commerce in Myanmar

e-Commerce industry growth will need banks and telcos to reduce service fees, provide better APIs, and simplify procedures to eliminate the hassle of payments Since 2012, foreign investors have been on a gold rush in Myanmar. GDP has climbed up steadily from US$58.68 billion in 2013, to US$64.33 billion in 2014, then US$64.87 billion in 2015. In July 2016, the new […]

Plastic chips away at cash’s dominance in Myanmar

YANGON — Credit cards are gaining traction in Myanmar, where cash has long been king, with foreign players such as China UnionPay and Japan’s JCB lured by rising consumer incomes and an increasingly robust financial infrastructure. JCB, in conjunction with Myanmar Payment Union and Ayeyarwady Bank, also known as Aya Bank, debuted a credit card Tuesday […]

AYA BANK launches the First Universal JCB-MPU co-brand cards

AYA Bank launched the first JCB credit and debit card as AYA Universal MPU-JCB Co-Brand cards in Myanmar yesterday, becoming the first in the country to issue Japanese JCB credit and debit cards. The Ayeyarwady Bank, also known as AYA Bank, is issuing the “AYA Universal MPU-JCB Co-Brand Card” combining the Myanmar Payment Union-MPU brand […]

Vietnamese firm FPT to help build payment system for Myanmar

YANGON – FPT Corp has been selected as the main investor of Myanmar’s national financial switching system. Under the memorandum of understanding signed between the group and the Myanmar Payment Union (MPU) on July 31, FPT Information System (FPT IS) – a member of the FPT Corporation – will start developing the financial switching system […]

AmCham, UMFCCI to Host Conference on US Investment

RANGOON — After a successful meeting between American Chamber of Commerce Myanmar (AmCham) members and high-ranking Burmese government officials last month, a new summit to feature Burmese economists and US businesspeople has been set for next Monday in Rangoon. The conference will be hosted at the offices of the Union of Myanmar Federation of Chambers […]

MPU and KEB Hana Card sign MoU

THE Myanmar Payment Union (MPU) and South Korean KEB Hana Card signed a memorandum of understanding (MoU) to jointly conduct payment services in Myanmar. According to the MoU, MPU Card users will have access to the services of KEB Hana Card and South Korean businessmen will also receive the financial service from local banks. Members […]

MPU Card reaches 1.8 million users

THE number of MPU credit card users has reached 1.8 million people in Myanmar. The Myanmar Payment Union credit card can be used to make direct payments from a Myanmar bank account. “Electronic bill payment systems appear more often in the financial matters of local enterprises and can contribute to economic development,” said U Zaw […]

Central Bank Looks to Mobile Banking to Ramp Up Financial Inclusion

RANGOON — The Central Bank of Myanmar (CBM) revealed on its website on Monday the official rules and regulations for mobile financial service providers (MFSPs), seen by observers as a way to reach more rural customers throughout Burma. The regulations detail the application requirements, such as how to acquire a registration certificate and pay relevant […]

Jovago aims high in Myanmar with hotel-booking app for domestic tourists

A NEW HOTEL booking app has been launched in Myanmar with the aim of boosting domestic tourism. Developed by Jovago, the app is available in Burmese and features a selection of more than 700 hotels across the country. It is targeting partnering 95 per cent of hotels in Myanmar by the end of this year. […]

Myanmar card payments on the rise as MPU widens network

Card payments in Myanmar are set to rise over the next few months as local shops and supermarkets sign up to Myanmar Payment Union, signalling the beginning of a shift in one of the world’s last cash-based economies. MPU got off to a slow start when it launched in 2012, but with the rise of […]